PAGY
ActiveSummary
PAGY has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €527,373 and a net result of €49,573. Equity is growing by ~9.1% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability79▲+2
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity ample (current ratio 2.82 against 1.66 in 2024; short-term debt: 10% and cash: 26.9% of total assets), and 10.5% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
89.5%
Return on assets
8.4%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 29-01-2026, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 d early
2024
4 d late
2023
11 d late
2022
11 d early
2021
1 d early
2020
11 d early
2019
2 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 2 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 30 January (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close29-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€527,373▲ 10.4%
2024 · €477,801
Total assets
€588,957▲ 7.8%
2024 · €546,296
Net result
€49,573▲ 41.7%
2024 · €34,989
Working capital
€106,764▲ 146%
2024 · €43,337
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€169,969▲ 234%€75,627▼ 55.5%€44,328▼ 41.4%€52,558▲ 18.6%€73,838▲ 40.5%
Net result€116,755▲ 296%€53,660▼ 54.0%€31,255▼ 41.8%€34,989▲ 11.9%€49,573▲ 41.7%
Equity€457,897▲ 34.2%€511,558▲ 11.7%€442,812▼ 13.4%€477,801▲ 7.9%€527,373▲ 10.4%
Total assets€642,650▼ 15.2%€635,463▼ 1.1%€538,510▼ 15.3%€546,296▲ 1.4%€588,957▲ 7.8%
Debt€184,753▼ 55.7%€123,905▼ 32.9%€95,698▼ 22.8%€68,496▼ 28.4%€61,583▼ 10.1%
Working capital-€51,541▲ 62.9%€67,770-€857€43,337€106,764▲ 146%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 40% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €588,957
Fixed assets
€423,421 ▼ 3.1%
Current assets
€165,535 ▲ 51.4%
Equity and liabilities €588,957
Equity
€527,373 ▲ 10.4%
Debt
€61,583 ▼ 10.1%
Debt's share of the balance-sheet total falls from 12.5% to 10.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€87,346▲
2024 · €66,195
Cash flow
€63,081▲
2024 · €48,626
Current ratio
2.82▲
2024 · 1.66
Debt to equity
0.12▼
2024 · 0.14
ROE
9.4%▲
2024 · 7.3%
ROA
8.4%▲
2024 · 6.4%
Interest coverage
340.35▲
2024 · 75.35
Debt ≤ 1 year
€58,771▼
2024 · €66,030
Income taxes
€24,008▲
2024 · €16,691
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,134 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a higher bankruptcy probability: 0.6% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 20,134 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €43,075 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €29,530 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,759 | €14,485 | €14,484 | €13,637 | €13,509 | ▼ 0.9% |
| Other operating charges640/8 | - | €6,834 | €8,614 | €6,869 | €6,061 | ▼ 11.8% |
| Gross operating margin9900 | €196,033 | €96,945 | €67,427 | €73,064 | €93,407 | ▲ 27.8% |
| Operating profit (loss)9901 | €169,969 | €75,627 | €44,328 | €52,558 | €73,838 | ▲ 40.5% |
| Financial income75/76B | - | €0 | - | - | - | - |
| Recurring financial income75 | - | €0 | - | - | - | - |
| Financial charges65/66B | - | €2,488 | €1,594 | €878 | €257 | ▼ 70.8% |
| Recurring financial charges65 | €10,753 | €2,488 | €1,594 | €878 | €257 | ▼ 70.8% |
| Profit (loss) for the period before taxes9903 | €159,216 | €73,139 | €42,734 | €51,679 | €73,581 | ▲ 42.4% |
| Income taxes67/77 | €42,462 | €19,478 | €11,479 | €16,691 | €24,008 | ▲ 43.8% |
| Profit (loss) for the period9904 | €116,755 | €53,660 | €31,255 | €34,989 | €49,573 | ▲ 41.7% |
| Profit (loss) for the period to be appropriated9905 | €116,755 | €53,660 | €31,255 | €34,989 | €49,573 | ▲ 41.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €642,650 | €635,463 | €538,510 | €546,296 | €588,957 | ▲ 7.8% |
| Fixed assets21/28 | €546,461 | €465,052 | €450,567 | €436,930 | €423,421 | ▼ 3.1% |
| Tangible fixed assets22/27 | €546,461 | €465,052 | €450,567 | €436,930 | €423,421 | ▼ 3.1% |
| Land and buildings22 | - | €463,773 | €450,322 | €436,872 | €423,421 | ▼ 3.1% |
| Furniture and vehicles24 | - | €1,279 | €245 | €58 | - | - |
| Current assets29/58 | €96,190 | €170,411 | €87,943 | €109,367 | €165,535 | ▲ 51.4% |
| Amounts receivable within one year40/41 | €4,000 | €3,943 | €3,943 | €3,943 | €3,943 | = |
| Other amounts receivable41 | - | €3,943 | €3,943 | €3,943 | €3,943 | = |
| Cash at bank and in hand54/58 | €91,476 | €165,241 | €83,218 | €103,872 | €158,332 | ▲ 52.4% |
| Deferred charges and accrued income490/1 | - | €1,227 | €782 | €1,552 | €3,260 | ▲ 110% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €642,650 | €635,463 | €538,510 | €546,296 | €588,957 | ▲ 7.8% |
| Equity10/15 | €457,897 | €511,558 | €442,812 | €477,801 | €527,373 | ▲ 10.4% |
| Contributions10/11 | - | €31,000 | €31,000 | €31,000 | €31,000 | = |
| Reserves13 | €426,800 | €479,800 | €411,800 | €446,789 | €496,361 | ▲ 11.1% |
| Non-distributable reserves130/1 | - | €3,100 | €3,100 | - | - | - |
| Reserves not available under the articles1311 | - | €3,100 | €3,100 | - | - | - |
| Distributable reserves133 | - | €476,700 | €408,700 | €446,789 | €496,361 | ▲ 11.1% |
| Profit (loss) carried forward14 | €97 | €758 | €12 | €12 | €12 | = |
| Amounts payable17/49 | €184,753 | €123,905 | €95,698 | €68,496 | €61,583 | ▼ 10.1% |
| Amounts payable after more than one year17 | €33,556 | €19,071 | €3,902 | - | - | - |
| Financial debts170/4 | - | €19,071 | €3,902 | - | - | - |
| Amounts payable within one year42/48 | €147,731 | €102,642 | €88,799 | €66,030 | €58,771 | ▼ 11.0% |
| Current portion of amounts payable after more than one year42 | - | €15,662 | €16,401 | €5,193 | - | - |
| Financial debts43 | - | - | €18 | €18 | €18 | = |
| Credit institutions430/8 | - | - | €18 | €18 | €18 | = |
| Taxes, remuneration and social security45 | - | €19,478 | €11,479 | €6,691 | €11,508 | ▲ 72.0% |
| Taxes450/3 | - | €19,478 | €11,479 | €6,691 | €11,508 | ▲ 72.0% |
| Other amounts payable47/48 | - | €67,501 | €60,901 | €54,128 | €47,245 | ▼ 12.7% |
| Accrued charges and deferred income492/3 | - | €2,193 | €2,996 | €2,466 | €2,812 | ▲ 14.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €116,755 | €53,660 | €31,255 | €34,989 | €49,573 | ▲ 41.7% |
| + Depreciation and write-downs630 | €17,759 | €14,485 | €14,484 | €13,637 | €13,509 | ▼ 0.9% |
| Operating cash flow (approximation) | €134,514 | €68,145 | €45,739 | €48,626 | €63,081 | ▲ 29.7% |
| Investment in fixed assets (approximation) | - | €66,925 | €0 | €0 | €0 | - |
| Change in cash | - | €73,766 | -€82,023 | €20,654 | €54,460 | ▲ 164% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-01
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-06
Financial
Equity above €500,000Eq €527,373 ▲10.4%
7 profitable years in a row build equity to €527,373.
04-02
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 4 days late
2024
11-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 11 days late
2023
20-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
Financial
Liquidity triplescurrent ratio 1.66
Current ratio from 0.65 to 1.66; short-term debt falls from €147,731 to €102,642.
30-06
Financial
Equity above €500,000Eq €511,558 ▲11.7%
4 profitable years in a row build equity to €511,558.
30-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
Financial
Highest result since 2019net €116,755 ▲296%
Operating result €169,969, net result €116,755, both a record.
20-01
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
29-01
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-01
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
27-01
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
01-02
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 1 day late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brasschaat · 1 establishment unit since 1993
Ground area
633 m²
Building footprint
105 m²
Volume, LiDAR
505 m³
Parcel 11323F0285/00B004, Flanders · tallest building 9.1 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
PAGY
since 19932.060.213.781
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11323F0285/00B004 | Flanders | 633 m² | 1 · 104 m² | 9.1 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Identification & contact
Identification
Legal formPrivate limited company
Founded02-12-1992
Fiscal year end30-06
E-invoicing
Reachable via Peppol
Peppol ID
0208:0448834935
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.